What the biggest banks and fund managers wanted to see was emerging market central banks and treasuries developed into solid buttresses of the dollar-based Wall Street system. One key move was to minimize sovereign borrowing in foreign currency. As far as possible, from the early 2000s, governments in emerging markets did as advanced economy governments did: they borrowed, whether from their own citizens or foreign lenders, in their own currency. Crucially, that enabled their national central banks to retain ultimate control over repayment.
